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199120
Rise in electricity prices
statistikk
2015-09-10T10:00:00.000Z
Prices and price indices;National accounts and business cycles;Energy and manufacturing
en
ppi, Producer price index, price trends, inflation, domestic market, export market, economic indicator, intermediate goods, energy goods, consumables, capital goods, metal-working industry, food industry, oil refining, machine industry, mining, metal prices (for example gold, aluminium, copper)Producer and wholesale price indices, Energy , Oil and gas , Business cycles , Manufacturing, mining and quarrying , National accounts and business cycles, Prices and price indices, Energy and manufacturing
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The producer price index (PPI) measures price changes for oil and gas, manufacturing, mining and electricity. The PPI decreased by 4.3 per cent from July to August.

Producer price index, August 2015

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Rise in electricity prices

Electricity prices rose by 12.2 per cent from July to August. This was the first month in 2015 with an increase in these prices, which dampened the oil-related overall fall in the producer price index (PPI).

Producer price index. 2000=100Published 10 September 2015
Industrial ClassificationIndex change in per centIndexWeights1
August 2015 / July 2015August 2015 / August 2014
1The weights are updated annually, and are valid for the entire year.
Extraction, mining, manufacturing and electricity-4.3-10.0217.81 000.0
 
Extraction and related services-8.8-16.4295.6460.7
Mining and quarrying1.01.0175.69.0
Manufacturing-1.1-2.5159.4488.6
Food products0.37.1168.599.6
Refined petroleum products-6.8-26.2180.186.9
Basic metals-2.93.9183.239.1
Machinery and equipment0.1-0.8152.452.8
Electricity, gas and steam12.2-32.0156.841.7

Source: Statistics Norway

PPI fell by 4.3 per cent from July to August. The main reasons for the decline were lower prices of crude oil and refined petroleum products. The index for extraction of crude oil and natural gas fell by 10.6 per cent, while the figure for refined petroleum products was 6.8 per cent lower than the preceding month.

As mentioned above, the prices of electricity mitigated the decline in the overall PPI. The rise of more than 12 per cent was the first monthly increase since prices started to decline in December. Despite the last month’s growth, electricity producers’ prices were more than 30 per cent lower in August than in the same month last year.

Lower prices of energy goods since last year

The overall PPI was 10 per cent lower in August than twelve months earlier. The twelve-month rate of change in the index has been negative since July 2014. The decline has largely been driven by prices of energy goods. Though not all prices have fallen each month, lower prices of crude oil, natural gas, refined petroleum products and electricity have pulled the PPI down since early 2014.

Price increases for other goods

Excluding energy goods, the PPI for other goods and services has increased. The twelve-month rate for these goods and services has been positive since late 2013. For food products, prices were 7.1 per cent higher in August than one year before. Increased prices for fish and meats are important reasons for the overall rise in food prices. Prices of metals have fallen since March, but due to a strong increase through 2014, were still almost 4 per cent higher in August than one year earlier. Since March, prices of chemicals and pharmaceutical products have risen. Prices in August were 6.3 per cent higher than in the same month last year.